Exhibit
99.1
ATS
Corporation Announces Commencement of Stock Repurchase Program
MCLEAN,
VA – (BUSINESSWIRE) – August 10, 2009, ATS Corporation (“ATSC” or the “Company”)
(OTCBB:ATCT), a leading information technology company that delivers innovative
technology solutions to government and commercial organizations, today announced
that it is adopting a plan under Rule 10b5-1 under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), in connection with its previously
announced stock repurchase program. In the 10b5-1 plan, the Board of
Directors has authorized the repurchase of up to $1.5 million of the Company’s
common stock over the next two years, which is a portion of the total repurchase
amount approved by the Board on February 11, 2009 of the lesser of $3.0 million
or 2.0 million shares. The 10b5-1 plan will facilitate purchases of
the Company’s common shares and assist with compliance with Rule 10b-18 under
the Exchange Act. A plan under Rule 10b5-1 permits shares to be
repurchased when the Company might otherwise be precluded from doing so under
insider trading laws. Purchases of common shares under the 10b5-1
plan will be subject to specified parameters and certain price, volume and
timing constraints. Accordingly, there can be no assurance as to how
many common shares will be purchased. In addition, the repurchase
program may be suspended or discontinued at any time. Common stock
acquired though the repurchase program will be held as treasury shares and may
be used for general corporate purposes, including reissuances in connection with
acquisitions, employee stock option exercises or other employee stock
plans. The Company currently has approximately 22.7 million shares
outstanding, which exclude any shares issuable upon the exercise of the
Company’s outstanding warrants, expiring in October of this year, to purchase
approximately 3 million shares of common stock at an exercise price of $5.00 per
share.
“We
continue to believe that the current market value of our shares do not
accurately reflect the underlying value of the Company,” said Ed Bersoff, ATSC
President and Chief Executive Officer. “Furthermore, we have decided
to use a 10b5-1 plan as it gives us the ability to repurchase shares during our
self-imposed blackout periods that are associated with our quarterly earnings
releases, as well as other periods when there might exist material, nonpublic
information that would preclude insider trading,” Bersoff added.
About
ATS Corporation
ATSC is a
leading provider of software and systems development, systems integration,
infrastructure management and outsourcing, information sharing and consulting to
the Department of Defense, Federal civilian agencies, public safety and national
security customers, as well as commercial enterprises. Headquartered in
McLean, Virginia, the Company has more than 600 employees at 10 locations across
the country.
Any
statements in this press release about future expectations, plans, and prospects
for ATSC, including statements about the estimated value of the contract and
work to be performed, and other statements containing the words “estimates,”
“believes,” “anticipates,” “plans,” “expects,” “will,” and similar expressions,
constitute forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. Actual results may differ materially
from those indicated by such forward-looking statements as a result of various
important factors, including: our dependence on our contracts with federal
government agencies for the majority of our revenue, our dependence on our GSA
schedule contracts and our position as a prime contractor on government-wide
acquisition contracts to grow our business, and other factors discussed in our
latest annual report on Form 10-K filed with the Securities and Exchange
Commission on March 16, 2009. In addition, the forward-looking statements
included in this press release represent our views as of August 10, 2009. We
anticipate that subsequent events and developments will cause our views to
change. However, while we may elect to update these forward-looking statements
at some point in the future, we specifically disclaim any obligation to do so.
These forward-looking statements should not be relied upon as representing our
views as of any date subsequent to August 10, 2009.
Additional
information about ATSC may be found at www.atsc.com.
Company
Contact:
Joann
O’Connell
Vice
President, Investor Relations
ATS
Corporation
(571)
766-2400
Media
Contact:
Penny
Parker
Corporate
Communications Manager
ATS
Corporation
(571)
766-2400